Shared Flashcard Set

Details

E team flash cards
flash cards for eteam
438
Economics
7th Grade
01/13/2014

Additional Economics Flashcards

 


 

Cards

Term
Abundant resources
Definition
resources that are in a relatively large supply
Term
account
Definition
the money available to the client of a bank
Term
advertise
Definition
informing consumers about a good or service particularly by praising it
Term
advertisement
Definition
the method by which a business lets the consumer know about its good or service
Term
advertiser
Definition
one who advvertises
Term
allocate
Definition
to use for a particular purpose
Term
allocation of resources
Definition
the distribution of the available factors of production among the various uses to which they might be out
Term
alternative cost
Definition
opportunity cost
Term
APR annual percentage rate
Definition
the interest rate or the cost of credit for one year
Term
arbritation
Definition
the settlement of a dispute by a person or persons chosen to hear both sides and come to a decision
Term
assembly line
Definition
an arrangement in which a product is assembled
Term
ATM
Definition
automatic teller machine
Term
available credit
Definition
the preset amount of credit available
Term
average per capital income
Definition
average earnings of a persons in a specific market area
Term
Average per family income
Definition
average earnings of families in a specific market area
Term
balance
Definition
the amount of money one has in a bank account
Term
bank credit card
Definition
a card like visa or mastercard that lets one make purchases or obtain cash advances
Term
barter
Definition
the direct trade or exchange of goods or services
Term
benefit
Definition
anything that is helpful or advantageous
Term
borrow money
Definition
to use money belonging to another person or financial institution
Term
broker
Definition
a person who acts as an agent in making contracts, sales, stocks, bonds, or real estate
Term
budget
Definition
a plan for the use of time money, or resources
Term
budget deficit
Definition
expenditures in excess of revenues, particularly government expenditures in excess of tax revenue, financed by borrowing or money creation.
Term
budget surplus
Definition
excess of revenue over expenditures
Term
business
Definition
a basic economic unit;an organization of buying of and hiring of resources
Term
business cycle
Definition
a predictable long term pattern of alternating periods of economic growth (recovery) and decline (recession)
Term
busniess planner
Definition
a pro. who systematically manages the tasks of the busniess to achieve success
Term
capital
Definition
1. one of the factors of production
2. a manmade resource used in the production of goods and services
3. durable goods used to produce final goods and services also called capital goods or capital resources
Term
capital formation
Definition
addition to the stock of capital goods; also called capital growth
Term
capital goods
Definition
tools, machinery, builidings, etc. used to produce final goods or services;see capital
Term
capital growth
Definition
see capital formation
Term
capital resources
Definition
goods made by people and used to produce other goods and services;also called intermediate goods
Term
capitalism
Definition
an economic system based on private ownership of property or productive resources
Term
carrying charge
Definition
interest paid to a business when the firm allows one to purchase goods or services on credit
Term
cartel
Definition
an organization of producers designed to limit competition (OPEC)
Term
cash
Definition
coins or currency
Term
cash price
Definition
the full price one pays for a good or service
Term
check
Definition
a written order to a bank
Term
checking account
Definition
a bank, credit union, or other financial institution
Term
demand deposits
Definition
the amount of money deposited in checking accounts
Term
choice
Definition
alternatives what someone must make when faced with 2 or more alternatives
Term
circular flow
Definition
a model of an economy showing the interactions between households and businesses
Term
city government
Definition
the government of the local town or incorporated municipality
example: the governmenht of the city of lakeland
Term
coin
Definition
1. one of the components of the money supply
2. a piece of metal stamped with a design
Term
colateral
Definition
assets that can be pledged to obtain a loan
Term
collective bargaining
Definition
bargaining by a comitee or union
Term
collective farm
Definition
a farm owned and operated by the state
Term
command economy
Definition
an economy in which decisions are made by the government
Term
common market
Definition
a group of contries that agree to eliminate all tariffs
Term
commercial bank
Definition
afinancial institution whos main function is to accept deposits
Term
commission
(committee) and missoion) had a babay
Definition
a sum or percentage paid to an agent for their services
Term
commoditites
Definition
goods produced to satisfy wants
Term
communism
Definition
econmocic system in which all productive resources are owned collectively
Term
compare
Definition
to examine for similarities
Term
comparitive advantage
Definition
the ability to produce a good or service at a lower oppurtunity cost than someone else
Term
law of comparitive advantage
Definition
the principle that given the freedom to respond to market forces
Term
compensation
Definition
payment
Term
competition
Definition
the efforts of two or more businesses
Term
competitor
Definition
a person or film which competes with others
Term
complementary goods
Definition
goods or services that tend to be used together
Term
compound interest
Definition
interest paid upon money deposited in an account
Term
conservation
Definition
the wise use of natural resources
Term
consume
Definition
to buy
Term
consumers
Definition
people or businesses whos wants are satisifed by using goods and services
Term
consumer goods
Definition
tangible objects
Term
consumer price index
(CPI)
Definition
the measure of the average percentage change in the price of a set of commodities commonly bought by housewholds
Term
consumer services
Definition
productive acts of labor that do not result in tangible products
Term
consumer sovereignty
Definition
the consumer determining the types and quantities of what is produced by an economy
Term
consumption
Definition
the act of buying and or using goods and services
Term
cooperative
Definition
a special form of corporation that differs from normal corporation
Term
corporation
Definition
chartered by the state, a busniess that operates as a legal entity
Term
co-signer
Definition
a person who shares the responsibility of the loan with the primary borrower
Term
cost
Definition
1. the price of a good or service
2. the value of goods and services
3. the value of goods and services used to produce an output ( cost of production)
Term
cost of production
Definition
all resources used in producing goods and services
Term
cost-push
Definition
a type of inflation caused by increases in the cost of producing a product
Term
county government
Definition
government of on of the large divisions of the state
Term
credit
Definition
obtaining money, goods or services with a nominal initial payment
Term
credit card
Definition
a card issued by a business
Term
credit limit
Definition
the max. amtthat a borrower can borrow
Term
credit price
Definition
the full price one pays for a good or service
Term
credit rating
Definition
a measure of a borrowers credit worthiness
Term
credit reporting agency
Definition
a company that gathers information about the credit histories of consumers
Term
credit union
Definition
a cooperative group that holds savigns and makes loans to its members
Term
creditor
Definition
one to whom a debt is owed by another
Term
criteria (plural)
Definition
standards used in making a decision
Term
currency
Definition
paper bills
Term
customer
Definition
a person who pays for a good or service
Term
debit card
Definition
a purchase card that pays for goods and services by deducting the costs of goods and services
Term
debtor
Definition
one who owes money to antoher
Term
default
Definition
failure to pay a loan when the payment is due
Term
deferred payment price
Definition
the total price of the priduct or service plus the finance charge
Term
deficit spending
Definition
see budget deficit
Term
deflation
Definition
a decrease in the general level
Term
demand
Definition
a schedule of how much consumers are willing to spend
Term
demand deposit
Definition
component of the money supply
Term
demand pull inflation
Definition
increase in prices
Term
demographics
Definition
statistical characteristics of population
Term
deposit
Definition
the act of putting money into an account in bank or other financial institution
Term
depreciation
Definition
the yearyl decline in the value of something
Term
depression
Definition
an unusually deep widespread and prolonged recession
Term
law of diminishing returns
Definition
economic principle staing that if one factor production is increased while the others remain constant
Term
direct tax
Definition
a tax levied directly upon an individual or business as opposed to an indircet tax
Term
directly related
Definition
in a given situation two factors will respond in the same direction as each other
Term
discount rate
Definition
interest that federal reserve banks charge banks for the use of money
Term
disposable income
Definition
income that is not committed to a particular use
Term
dissave
Definition
to spend more than one's current income
Term
distribitution
Definition
the part of the productive process in which a good is transported to geographical locations
Term
distribitution of income
Definition
the way in which a nations total incomein the form of wages, rent payments, intererst and profits
Term
distributor
Definition
one who is involved in the process of distribution of jhugf ghufgu sd
Term
dividends
Definition
the portion of corporate profits paid out periodically by a business
Term
division of labor
Definition
the process whereby workers perform only a single task
Term
down payment
Definition
the initial payment one makes when purchasing something on credit
Term
durable goods
Definition
goods with a long useful life
Term
economic efficiency
Definition
producing some quantity of output
Term
economic growth
Definition
an increase in a nations total output of goods and services
Term
economic profit
Definition
excess of revenue over all costs of production
Term
economic questions
Definition
yhe four questions that every society must answer
Term
economic rent
Definition
payment to a factor of production in excess of the minimum required to keep that factor in the particulay line of production
Term
economic stability
Definition
1.the absence of large changes in economic activity
2. a situation with steady growth of production
Term
economic
systems
Definition
the way a society organizes the production
Term
economical
Definition
not wasteful
Term
economics
Definition
the study of how people make choices about the best use of scarce resources
Term
effieient
Definition
making the best possible use of scarce resources
Term
elastic demand
Definition
demand that is relatively responsive to changes in price
Term
elastic supply
Definition
supply that is relatively responsive to changes in price
Term
elasticity of demand
Definition
the degree of consumer responsiveness to changes in price
Term
embargo
Definition
a government prohibition against the shipment of certain products to a particular country
Term
emergency
Definition
a sudden, urgent, unexpected occurance
Term
energy
Definition
something that can produce heat, light, and or motion
Term
entrepreneur
Definition
one who organizes and manages resources
Term
entrepreneurship
Definition
assuming the risks of owning your own busniess
Term
equilibrium price
Definition
the price at which the quantity demanded by buyers equals the quantity supplied by sellers
Term
euro
Definition
the basic monetary unit of most members of the european union
Term
european union
Definition
family of democratic european countries
Term
exchange
Definition
trading a good or service
Term
exchange rate
Definition
1. the price of currency of one country in terms of the currency of another country
2. the rate at which one currency can be exchanged for the currency of another country
Term
expenditures
Definition
the outlays of cahs in a given period
Term
explicit costs
Definition
costs requiring cash outlays payable to persons outside the farms
Term
export
Definition
selling our countries products
Term
external benefits
Definition
benefits acrewing to people outside the market transaction
Term
external costs
Definition
costs imposed on persons who are not involved in the production or use of a good or service
Term
external diseconomy
Definition
see external cost
Term
external economy
Definition
see external benefit
Term
externalitites
Definition
effects, good or bad, on parties not directly involved in the production or use of GOS (goods or services)
Term
factor imports
Definition
land, labor, capital
Term
factor payments
Definition
payment made to the owners of the factors of production
Term
factors of production
Definition
resources used by bus. to produce GAS
Term
FDIC
Definition
Federal Deposit Insurance corp. the federal govt agency that insures bank depositors accounts
Term
federal insurance contributions act
Definition
name of the federal law that provides for deductions to be taken from the wages of citizens
Term
federal communications commission
Definition
the federal agency that regulates interstate communications
Term
federal gov't
Definition
the govt of a nation
Term
federal reserve note
Definition
paper currency printed and distrbtd by the federal reserve bank
Term
federal reserve system
Definition
a nationwide network of 12 banks
Term
FTC (federal trade commission)
Definition
the federal govt agency charged with maintaining competition
Term
fee
Definition
a charge to the customer by the bank
Term
flat money
Definition
money with no precious metal backing or special reserve
Term
final goods and services
Definition
goods and service sold to persons who will consume them
Term
finance charge
Definition
the cost of credit; charges connected with credit also called carrying charge
Term
financial institution
Definition
a business engaged in borrowing holding and or lending money
Term
financial risk
Definition
the exposure of assets
Term
firm
Definition
see business
Term
fiscal policy
Definition
refers to the expenditure a gov't undertakes to provide GAS
Term
fixed costs
Definition
cost that do not change as the output of the firm changes
Term
food and drug administration
Definition
a division of the dept of health and human services
Term
food energy
Definition
energy received by the body from food
Term
forfeiture
Definition
giving up a security deposit
Term
fossil fuels
Definition
fuels formed undergorund
Term
free enterprise
Definition
an economic system characterized by private ownership of property and resouces
Term
free good
Definition
1- a good for which the market price is zero
2- a good for which quantity supplied is greater than quantity demanded at zero price
Term
free market
Definition
market where the exchange takes place without control or invention by gov't
Term
free trade
Definition
the policy of having no gov't restrictions on the exchange of GOS
Term
fringe benfits
Definition
any of a variety of indirect non-cash benefits
Term
full employment
Definition
a condition where anyone who is willing and able to work at the prevailing wage rate is employed
Term
the functions of money
Definition
1- a medium of exchange to buy GAS
2- a measure of value to determine how much a GOS is worth
3- a store of value
Term
future consumption
Definition
the purpose of saving
Term
goods
Definition
tangible object that satisfies peoples want or needs
Term
govt
Definition
1- the form or system of rule by which a nation, state or city is governed
2- the group of persons whose job it is to run the affairs of the state, nation, etc
Term
govt income
Definition
net taxes
Term
govt monopoly
Definition
the ownership and operation of the production of GAS
Term
govt regulations
Definition
rules of conduct for individuals and business's
Term
gross
Definition
without deductions
Term
gross domestic product
Definition
total market value of all final GAS produced in a country in a given year
Term
gross income
Definition
the amount of money earned in a pay period before any taxes and other payroll deductions have been subtracted
Term
homogenious product
Definition
an undifferentiated product
Term
human capital
Definition
investment in labor productivity
Term
human resources
Definition
the quantity and quality of human effort directed toward producing GAS
Term
implicit cost
Definition
cost requiring no cash outlay
Term
import
Definition
buying products from other countries
Term
import susbstitution
Definition
producing goods in our country to replace goods being imported
Term
incentives
Definition
factors that motivate and influence the behaviour of households and business'
Term
income
Definition
1- money recieved by households
2- money earned by the factors of production
Term
income tax
Definition
taxes paid to the gov't based on the income they receive
Term
indirect tax
Definition
a tax levied upon the sale of a GOS
Term
inflation
Definition
a general increase in the price of GAS
Term
industrial revolution
Definition
the period of development of technology
Term
industrializing
Definition
the process of using more advanced technology
Term
industry
Definition
a collection of firms producing similar related products
Term
inelastic demand
Definition
demand that is relatively unresponc
Term
inelastic supply
Definition
supply that is relatively unresponsive to changes in the price
Term
inheritance
Definition
property or money received from an estate r through a will
Term
innovation
Definition
a new an better way to do something
Term
input
Definition
resources used to produce a GOS
Term
installment
Definition
required payment of equal amounts
Term
insurance
Definition
protection againt the risk of large losses
Term
interdependence
Definition
depends on other for GAS
Term
interest
Definition
the amount of money being paid to a customer by the bank
Term
interest rate
Definition
interest payments expressed a percentage of principal amount
Term
intermediate goods
Definition
goods that will be further processed for resale
Term
international trade
Definition
exchange of GAS that takes place between nations
Term
inventory
Definition
the supply of a product or products that a business has on hand
Term
inversely related
Definition
in a given situation two factors will respond in the opposite direction to one another
Term
investment
Definition
the use of money to produce income or profit
Term
joint account
Definition
a bank account shared y two or more people
Term
labor
Definition
the human input into the production of process
Term
labor force
Definition
the total of all people over sixteen working or looking for work
Term
labor union
Definition
an association of workers who are organizeed to bargain collectively with employers
Term
laissezfaire
Definition
a policy that calls for govt not intervening in biz or economic activity
Term
land
Definition
the natural resources available for production
Term
law of increasing costs
Definition
eceonomic principal stating that the opportunity cost of additional units of a good tend to increase as society attempt to produce more of the good
Term
lender
Definition
person or financial institution that lends money to another
Term
limited resources
Definition
see scarce resources
Term
liquidity
Definition
ability to convert an asset to cash
Term
local gov't
Definition
see city gov't
Term
loss
Definition
negative difference between cost and the sale price
Term
management
Definition
1- the process or organizing and utilizing resources to produce GAOS
2- the group or individual that does the organizing of resources
Term
managerial ability
Definition
the skill needed to organize and utilize resouces
Term
marginal utility
Definition
the extra utility or satisfaction one receives from consuming one more unit of GOS
Term
market
Definition
the specified category of potential buyers
Term
market clearing price
Definition
the price at which the quantity that people are willing to buy is equal to the quantity seller are willing to offer
Term
market economy
Definition
an economic system where most GAS's are exchanged thru private transcation
Term
market equilibrium
Definition
situation occurring when there is equality between quantities supplied and demanded at the price at which goods are being exchanged.
Term
market price
Definition
the price at which a GOS is selling in the open market
Term
market system
Definition
a method of coordinating economic activities that rely on the individual choice of competing buyers and sellers
Term
marketing
Definition
a systme where supplier (producers) advertise distribute and sell products to the demanders.
Term
mass production
Definition
production of many units of a product
Term
mechanization
Definition
the porcess of transforming productive activity from labor to capital intensive
Term
media
(singular form is meduim)
Definition
the means of communication such as radio tv or newspapers that reach large numbers of people
Term
medium of exchange
Definition
see functions of money
Term
merchandise
Definition
the goods that someone wants to sell
Term
microeconomics
Definition
the study of the decision making process
1.what?
2.how?
3.for whom?
Term
minimum balance
Definition
the amount of money required to be kept in an account to avoid paying
Term
minimum wage
Definition
the lowest legal hourly wage
Term
mint
Definition
the facility where coins are produced
Term
mixed economy
Definition
an aeconomy where a combo of the three basic methods of coordinating economic activity are used.
1.market
2.command
3.traditional
Term
model(economic)
Definition
simplify representation of the real wordl
Term
monitary policy
Definition
policy aimed at controlling the rate of growth
Term
money
Definition
a medium of exchange; a good that can be used to buy other GAS
Term
money creation
Definition
banks create money by granting loans to businesses and individuals
Term
money income
Definition
the dollar amount of income;see real income
Term
money supply
Definition
the amount of coins, bills, and deposits in checking accounts held by the general public
Term
money wage
Definition
see money income
Term
monopolistic competition
Definition
a market situation in which there are a number of competing sellers of products
Term
mortgage
Definition
a loan secured by real estate
Term
mutual funds
Definition
an investment trust in which groups of investors pool their money and give management discretion
Term
natural monopoly
Definition
an industry where per unit costs decline as the output increases
Term
natural resources
Definition
"gifts of nature" that are present without human intervention
Term
needs
Definition
desires felt by consumers
Term
net income
Definition
"take home pay"
Term
net investment
Definition
total investment "gross" less a depreciation allowance
Term
nominal gdp
Definition
the gross domestic product expressed in the prices of the particular year
Term
non-durable goods
Definition
goods that have ashort useful life
Term
non-renewable resources
Definition
those natural resources that dont replenish themselves
Term
normal profit
Definition
the minimum profit that a fir must earn
Term
normative economics
Definition
study of the conomy based upon valued judgements about economic policies
Term
occupation
Definition
the work a person does to earn a living
Term
oligopoly
Definition
an industry or a market containing only a few firms
Term
open market operations
Definition
the buying and selling of U.S treasury bonds and securities
Term
opportunity cost
Definition
(value of) the next best alternative that must be given up when a choice is made
Term
output
Definition
the product (GOS ; the quantity or the amount produced by the given input
Term
save
Definition
.
0
Term
partnership
Definition
legal organization of a business
Term
payment
Definition
1.amount paid for use of GOS
2.a monthly installment paid on an account
Term
per capita
Definition
literallly means "per person"
Term
perfect competition
Definition
a market structure characterzied by
1.mny buyers and sellers
2. homogeneous product
3.the freedom of entry and exit
Term
performer
Definition
one who carries out an action
Term
personal income
Definition
total money income receuiived by individuals b4 paying paersonal taxes
Term
personal investment
Definition
the purchase of an asset ( with some degree of risk) for the purpose of earning future income
Term
policy
Definition
in insurance, the contract between the insurer and the insured setting forth the premium
Term
positive economics
Definition
the study of the economy as it exists
Term
pre-industrial society
Definition
a nation or society that has little or no industry
Term
premium
Definition
the amount paid to purchase insurance protection
Term
price
Definition
the value of a GOS stated in money terms
Term
price ceiling
Definition
the price for a particular good or service fixed, usually by government, at some maximum level
Term
price floor
Definition
a price for a particualar GOS fixed usually byt the government
Term
price index
Definition
awaited average of prices used to compare price levels
Term
price system
Definition
a systme using the interaction of supply and demand and free markets to allocate scarce resources
Term
principle
Definition
the actualy amount of money being borrowed before intersets is added
Term
partnership
Definition
legal organization of a business
Term
payment
Definition
1.amount paid for use of GOS
2.a monthly installment paid on an account
Term
per capita
Definition
literallly means "per person"
Term
perfect competition
Definition
a market structure characterzied by
1.mny buyers and sellers
2. homogeneous product
3.the freedom of entry and exit
Term
performer
Definition
one who carries out an action
Term
personal income
Definition
total money income receuiived by individuals b4 paying paersonal taxes
Term
personal investment
Definition
the purchase of an asset ( with some degree of risk) for the purpose of earning future income
Term
policy
Definition
in insurance, the contract between the insurer and the insured setting forth the premium
Term
positive economics
Definition
the study of the economy as it exists
Term
pre-industrial society
Definition
a nation or society that has little or no industry
Term
premium
Definition
the amount paid to purchase insurance protection
Term
price
Definition
the value of a GOS stated in money terms
Term
price ceiling
Definition
the price for a particular good or service fixed, usually by government, at some maximum level
Term
price floor
Definition
a price for a particualar GOS fixed usually byt the government
Term
price index
Definition
awaited average of prices used to compare price levels
Term
price system
Definition
a systme using the interaction of supply and demand and free markets to allocate scarce resources
Term
principle
Definition
the actualy amount of money being borrowed before intersets is added
Term
primerate
Definition
interests which banks charge their biggest and best customer
Term
private enterprise
Definition
busniess activiies not contorolled by government regulation
Term
private property
Definition
property (things) owned by one person or a group of people
Term
producers
Definition
people who use resources to make GAS
Term
product
Definition
tangible,manmade objects or services used to satisfy the wants of the sonsumer
Term
production
Definition
the process (act) of using resources (factors of production) to make goods
Term
production costs
Definition
the cost of chaning resources into finished products
Term
production possibilities frontier
Definition
1. the frontier between possible outputs (given quantity and quality of resources, level of technology and efficiency)
2.an economic model depicting all the possible combos
Term
productive capacity
Definition
the ability to produce GAS the max potential ouput
Term
productivity
Definition
the ratio of output (GAS) produced per unit of input
Term
profit
Definition
the difference between the total revenue and total cost of a business
Term
profit motive
Definition
1.the incentive that leads individuals to assume the risk of loss
2.the guiding force of a free market system
Term
progressive tax
Definition
a tax that increases with the income of the tax payer
Term
property
Definition
1.something tangilbe that one owns
2.land or real estate
Term
property tax
Definition
taxes paid by households and businesses to local governments on land and buildings
Term
proportional tax
Definition
all levels of income are taxed at the same rate
Term
propiortorship
Definition
a business enterprise owned solely by one person or propiorter
Term
public goods and services
Definition
GAS provided by the government
Term
public property
Definition
property (things) owned together by all people for everyones use
Term
purchase
Definition
the acquisition of ownership in title
Term
purchasing power
Definition
1.the relative amount of GOS that can be purcahsesd with the dollar
2. the ability of the individual or group to purchase GAS measured by their income or wealth
Term
pure monopoly
Definition
a market situation in which there is only one seller of a G or S
Term
Pure competition
Definition
See competition
Term
quality
Definition
the degree of excellence
Term
quantity
Definition
the amount of a product
Term
quantity demanded
Definition
see demand
Term
quantity supplied
Definition
see supplied
Term
quota
Definition
an international trade limit on the goods in place of protective tariffs
Term
rate of return
Definition
the return on an investment expressed in percentage terms
Term
raw material
Definition
unprocessed natural products
Term
real estate
Definition
land inprovements to land and thing permanently attached to land
Term
real GDP
Definition
the gross domestic product expressed in dollars of a constant value
Term
real income
Definition
purchasing power of money income
Term
real value of money
Definition
buying power
Term
real vs. nominal measurement
Definition
nominal values are measured using current market prices
real values are nominal values adjusted for the effects of inflation or deflation
Term
real wage
Definition
see real income
Term
recession
Definition
a contraction in the economy
Term
regressive tax
Definition
a tax that take a lower percentage of income of low income people
Term
regulatory agency
Definition
a gov't agency responsible for preparing and administering gov't rgulations
Term
renewable resources
Definition
natural resources that are not used in consumption
Term
rent
Definition
1- money payments for the use of a house
2- payment to those who supply the factor of production , land
3- return to a f factor of prod.
Term
reserve ratio
Definition
the percent of deposit liabilities
Term
resources
Definition
all natural human and human made aids to the production of GAS
Term
resume
Definition
a summary of a persons education experience and work skills
Term
reposession
Definition
the act of a creditor taking back a product
Term
retail firm
Definition
a store where goods are sold to the consumer
Term
retirement
Definition
the state of being no longer involved in performing one business or profession
Term
revenue
Definition
the actual cash received in a period
Term
right to private property
Definition
the right of individuals to own and control their own property
Term
risk
Definition
the chance or possibility of a gain or loss
Term
rivalry
Definition
a situation in which two or more producers seek to gain a larger market
Term
rule of 72
Definition
to dtermin how longit will take for money placed in a saving account with compound interest to double, divide the interest rate into 72
Term
sacrafice
Definition
to give up something of value, often the sake of something else
Term
salary
Definition
a fixed wage paid periodically for regular work
Term
sale
Definition
the transfer of ownership rights
Term
sales tax
Definition
taxes paid on the GAS
Term
savings
Definition
the portion of income that is not spent
Term
savigns account
Definition
an account in financial institution where a person deposits that part of his/her income
Term
savings and loan institution
Definition
similar to a bank
Term
scarce resources
Definition
resources that are in short supply
Term
scarcity
Definition
the condition of not being able to have all the GAS
Term
scarcity problem
Definition
because resources are limited, relative to human wants and needs
Term
seasonal fluctuations
Definition
regular and predictable variations
Term
securities
Definition
stocks and bonds collectively
Term
selling price
Definition
the price asked for paid for a good service
Term
service charge
Definition
an additional cost or fee
Term
services
Definition
activites that can satisfy peoples wants or needs
Term
sherman anti trust act
Definition
the federal law passed in 1890
Term
shortage
Definition
the situations when the quantity demanded exceeds the quantity supplied
Term
silver certificate
Definition
paper currency printed and distributed by the U.S government the value of which was established and backed by some agreed upon quantity of silver
Term
simple interest
Definition
interest paid only on the amount deposited in a savings account
Term
social goods
Definition
those goods and services that cannot be provided
Term
social security tax
Definition
a tax deducted from gross income
Term
social security program
Definition
established in 1935
Term
socialism
Definition
an economic system in which much or most of the means of production are owned and controlled by the government
Term
specialization
Definition
dividing work among people so that each person does one job or task;concentrating on a job that one does well
Term
spillover benefit
Definition
see external benefit
Term
spillover cost
Definition
see external cost
Term
stagflation
Definition
a period in which the economy is experiencing both high unemplyment and high inflation
Term
standard of living
Definition
the per capita level of production of goods and services
Term
state government
Definition
government of a state
Term
stock
Definition
share of ownership in a corporation
Term
stock certificate
Definition
a piece of paper that represents partial ownership of a corporation
Term
stock market
Definition
marketplace where stocks are bought and sold
Term
store of value
Definition
see functions of money
Term
strike
Definition
action used by labor unions in which workers voluntarily stop working
Term
subsidy
Definition
government aid to individuals
Term
subsistence economy
Definition
one in which standard of living is just equal to that needed to satisfy basic needs
Term
substitute goods
Definition
goods that are substitute for each othe
Term
substitute resources
Definition
a resource that takes the place of another resource
Term
substitution
Definition
the act of using one GOS in place of a nother
Term
supplier
Definition
one who offers a supply of a GOS
Term
supply
Definition
a schedule of how much producers are willing and able to produce and sell
Term
supply curve
Definition
see supply
Term
supply schedule
Definition
see supple
Term
surplus
Definition
the situation resulting when the quantity supplied exceeds the quantity demanded of a good
Term
tariff
Definition
an international trade
Term
tax
Definition
required payments of money received by government as a result of imposing taxes
Term
taxation principles
Definition
the two main principles of taxation
Term
technology
Definition
the scientific and mechanical skill and and scientific knowledge used in producing GAS
Term
technological advances
Definition
increases in technology of mechanical and scientific knowledge
Term
teller
Definition
an employee of a bank
Term
time deposit
Definition
a deposit into a savings account
Term
tips
Definition
small gifts of money
Term
title
Definition
the legal ownership of an asset
Term
total costs
Definition
the sum of all relevant costs or production
Term
trade
Definition
the purchase sale or exchange of goods and services
Term
trader barrier
Definition
any aspect of government policy that inhibits the free exchange of GAS
Term
trade off
Definition
giving up one thing to get another
Term
tradition directed economy
Definition
a method of coordinating economic activity
Term
transfer payments
Definition
other payments to a person that are not payments for the use of a resource in production
Term
transportation
Definition
the act of moving GAS
Term
truth in lending law
Definition
a federal law tht requires creditors
Term
unemployment
Definition
the situation in which people are willing and able to do work at a current wage
Term
unemplyment compensation
Definition
payments made to workers who are unemplyed
Term
unemplyment rate
Definition
the percent of labor force not emplyed
Term
unlimited wantds
Definition
its is the nature of human wants to be unlimited in total
Term
usda
united states department of agriculture
Definition
the federal agency concerned with regulating the quality of agriculture output
Term
utility
Definition
satisfaction not usefulness
Term
variable costs
Definition
costs that change as the output of the business or firm change
Term
value
Definition
worth
Term
venture
Definition
a business undertaking involving a chance or risk
Term
wages
Definition
payment made to those for GAS
Term
wants
Definition
desires felt by consumers for GAS
Term
warranty
Definition
an undertaking by one party that certain facts are true
Term
wealth
Definition
anything that a person owns that has value and is capable of producing income
Term
welfare
Definition
payment received by nearby individuals
Term
white collar worker
Definition
person who works in an office
Term
wholesaler
Definition
a firm that buys large quantities of a product
Term
withdrawal
Definition
the act of taking money out of a bank account
Term
withholding tax
Definition
a tax deducted from gross income
Term
work
Definition
a means of earning a living
Term
worker productivity
Definition
the ratio of GOS produced
Term
yield
Definition
in the case of corporate stock
Supporting users have an ad free experience!